Undisclosed income surrendered during search must fall within ...

Income surrendered during search must meet "undisclosed income" definition for penalty. AO must record findings based on search material.

July 17, 2024

Case Laws Income Tax AT

Undisclosed income surrendered during search must fall within the definition of undisclosed income for penalty u/s 271AAA to be justified. Assessing Officer must record specific finding that undisclosed income was found based on verifiable material during search. Mere surrender to cover potential discrepancy doesn't satisfy definition of undisclosed income. Onus is on Assessing Officer, not assessee, to establish conditions for penalty levy are met. CIT(A) rightly held no discrepancy pointed out, hence surrender doesn't qualify as undisclosed income, but erred in confirming penalty. Penalty u/s 271AAA deleted as no legal basis established.

View Source

← Previous Next →

Undisclosed income surrendered during search must fall within ...

Income surrendered during search must meet "undisclosed income" definition for penalty. AO must record findings based on search material.

July 17, 2024

Case Laws Income Tax AT

You may also like:

Penalty order u/s 271AAB for treating an amount included in the Return of Income as 'undisclosed income' was found unjustified. The Commissioner of Income Tax (Appeals)...

Penalty u/s 271(1)(c) was levied on additional income voluntarily offered in the statement recorded u/s 132(4). However, no reference was made to corroborative...

Penalty levied u/s 271AAB - Undisclosed income - Assessee has neither made any surrender of any undisclosed income during the search action nor the penalty has been...

The Income Tax Appellate Tribunal held that the assessee's plea towards non-applicability of Section 271AAB of the Income Tax Act was devoid of rationale. The Tribunal...

Penalty u/s 271AAB - document found during the search is not an incriminating material when the entry and the income were duly recorded in the books of account - income...

Penalty levied by the AO u/s. 271AAB r.w.s. 274 - levy penalty of 30% on undisclosed income - the reasons given by the AO to levy 30% penalty on undisclosed income is...

Penalty u/s 271AAB - treating an amount included in the Return of Income as undisclosed income susceptible to penalty - search conducted u/s 132, assessment carried out...

ITAT ruled against penalty imposition under s.271AAB(1A)(b) at 60% rate. The tribunal emphasized that mere voluntary disclosure during search proceedings does not...

Penalty u/s 271AAB - there is no finding in the penalty order to this effect that undisclosed income so found and surrendered during the course of search falls under the...

The assessment u/s 153C mandates the recording of satisfaction by the Assessing Officer (AO) upon discovery of material likely to "have a bearing on the determination of...

Assessee surrendered income during survey u/s 133A as unaccounted professional receipts, which AO accepted as professional income taxable at normal rates. PCIT invoked...

Penalty u/s. 271AAB - commodity profit as falling in the ken of the 'undisclosed income' - since the amount on which penalty is levied has been found at the time of...

Penalty u/s 271AAB - surrender of cash and jewellery pursuant to search - Statement recorded u/s 132(4) of the Act itself would not either constitute an incriminating...

Penalty u/s 271AAB - surrender of ₹ 50 lacs an account of any other discrepancy or irregularity - no such discrepancy or irregularity was found by the AO then the...

The Tribunal upheld the penalty imposed u/ss 271(1)(c) and 271AAB of the Income Tax Act for additional income brought to tax owing to a search and seizure action. The...

Quick Updates: